Database Reference
In-Depth Information
Traditional analytics ap-
proach
New analytics ap-
proach
Challenges
Faster data analysis (higher GB/
sec rate)
N
Y
Accuracy in analytical models
N
Y
A few of the analytical techniques we will be further understanding in the following
chapters are:
•
Descriptive analytics
: Descriptive analytics provides detail on what has
happened, how many, how often, and where. In this technique, new insights
are developed using probability analysis, trending, and development of asso-
ciation over data that is classified and categorized.
•
Predictive analytics
: Predictive modeling is used to understand causes and
relationships in data in order to predict valuable insights. It provides informa-
tion on what will happen, what could happen, and what actions can be taken.
Patterns are identified in the data using mathematical, statistical, or visualiz-
ation techniques. These patterns are applied on the new data sets to predict
the behavior.
•
Prescriptive analytics:
Prescriptive analytics helps derive a best possible
outcome by analyzing the possible outcomes. It includes Descriptive and
Predictive analytic techniques to be applied together. Probabilistic and
Stochastic methods such as Monte Carlo simulations and Bayesian models
to help analyze best course of action based on "what-if" analysis.
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